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It is important for any country to become a member of WTO (World Trade Organisation) for the following reasons: 

(i) WTO provides equal opportunities to all its member countries to trade in the international market.  

(ii) It provides its member countries with larger scope to produce at large scale to cater to the needs of people across the international boundaries. This provides ample scope to utilize world resources optimally and provides greater market accessibility.  

(iii) It advocates for the removal of tariff and non-tariff barriers, thereby, promoting healthier and fairer competition among different producers of different countries.  

(iv) The countries of similar economic conditions being members of WTO can raise their voice to safeguards their common interests.

Yes, outsourcing is good for India. The following points suggest that outsourcing is good for India.  

1. Employment: For a developing country like India, employment generation is an important objective and outsourcing proves to be a boon for creating more employment opportunities. It leads to generation of newer and higher paying jobs.  

2. Exchange of technical know-how: Outsourcing enables the exchange of ideas and technical know-how of sophisticated and advanced technology from developed to developing countries.  

3. International worthiness: Outsourcing to India also enhances India's international worthiness credibility. This increases the inflow of investment to India.  

4. Encourages other sectors: Outsourcing not only benefits the service sector but also affects other related sectors like industrial and agricultural sector through various backward and forward linkages.  

5. Contributes to human capital formation: Outsourcing helps in the development and formation of human capital by training, imparting them with advanced skills, thereby,  increasing their future scope and their suitability for high ranked jobs.  

6. Better standard of living and eradication of poverty: By creating more and higher paying jobs, outsourcing improves the standard and quality of living of the people in the developing countries. It also helps in reducing poverty.  

7. Greater infrastructural investment: Outsourcing to India requires better quality infrastructure. This leads to the modernization of the economy and larger investment by the government to develop quality infrastructure and develop quality human capital.  

However, Outsourcing to India is good but developed countries oppose this because outsourcing leads to the outflow of investments and funds from the developed countries to the less developed countries. Also the MNCs contribute more to the development of the host country than the home country. Further, outsourcing reduces the employment generation in the developed countries as the same jobs can be done in the less developed countries at relatively cheap wages. Moreover, this leads to job insecurity in the developed countries as at a point of time jobs can be outsourced to the developing countries.

(a) Economic disparities

The position of Indian Economy among the other strongest economies in the world is Seventh.

Non-renewable energy sources

1. The sources of energy which cannot be renewed or re-used are called nonrenewable energy sources. 

2. Basically these are the energy sources which will get exhausted over a period of time. 

3. Some of the examples of this kind of resources are coal, oil, gas etc.

India has a mixed economy. 

1. Indian economy is a typical example of mixed economy. 

2. This means both private and public sector co-exist and function smoothly. 

3. The fundamental and heavy industrial units are being operated under the public sector, while, due to the liberalization of the economy, the private sector has gained importance. 

4. This makes it a perfect model for publicprivate partnership.

1. Any stock or reserve that can be drawn from nature is a Natural Resources. 

2. The major natural resources are – land, forest, water, mineral and energy. 

3. India is rich in natural resources, but majority of the Indians are poor. 

4. Nature has provided with diverse climate, several rivers for irrigation and power generation, rich minerals, rich forest and diverse soil.

Correct option is (C) Import-Export

Correct option is (C) Service

Correct option is (A) 36.1 crores

Correct option is (A) Industrial

(b) Jawaharlal Nehru

In recent time India followed the Indicative planning.

(d) All the above

India followed the Midterm plan.

Correct option is (C) 17.3%

The National Harbour board was set up in 1950.

Coal is the largest available mineral resource.

Correct option is (A) 10 crore pounds

(b) Year of Population Explosion

(c) Total Population / Land area of the region

Correct Answer is: (b) 2001

(d) Crude Birth Rate

(a) Crude Death Rate

More than two thirds of our population is dependent on agriculture directly or indirectly. One third of our national income comes from agriculture. It supplies the raw material and industries and food for more than one hundred crore people in India.

The first iron and Steel company and Tata Iron Steel Company were established in Jamshedpur. The plant began production in 1912.

Steel, sugar, cement, paper industries were set up in India after the second world war.

a. In mid-eighteenth century agriculture was the main source of livelihood, land was in abundance and the population was limited. So most of the people were engaged in agriculture. The surplus over the family requirements was exchanged with other commodities of requirements.

b. The fanners mainly produced food grains for their survival. The production of cash crops, such as jute, cotton, sugarcane, etc., was limited.

c. Production for the market was not the idea behind farming.

d. Methods and techniques of production were old and backward. It involved more physical work for people and animals.

e. Agricultural society was predominantly feudal in character. The cultivators used to pay land revenue to the rulers. There was heavy rate of land revenues Very little was left with the peasants after their hard labour. Industrial base was allowed to come up to be pride place so long enjoyed by the farmer.

1.  Low erade modern industrial structure:

The progress of modem industry remained very slow. British meters neither permitted modernisation of industries nor they encouraged the growth of heavy industries in India.

2. Lacking of capital goods industries:

Capital goods were lacking. There was hardly any capital goods industry to help or promote further industrialisation in India. There were a few manufacturing units here and there. But they were no substitute to the near wholesale displacement of the country’s traditional handicraft industry.

3. Limited operation of the public sector:

Another significant drawback of the new industrial reach was the very limited area of operation of the public sector. This sector remained confined only to the railways, power generation, communication, ports, and some other departmental undertakings.

Cotton and Jute Mills were set up in the Eastern part of the country which were dominated by the foreigners and textile industry in Maharashtra and Gujarat.

Cotton industries were located in the western part of the country namely Maharashtra and Gujarat. Indian’s dominated the textiles.

Objective to be achieved through the policies of infrastructure development under the colonial regime Basic infrastructure such as railway, ports, water transport, posts, and telegraph developed. The main objectives of development of these structure were as follows:

1. Mobilising the army:

Roads were built for mobilising the army with in India.

2. Drawing out raw materials:

The roads we built for drawing out raw materials from the countryside to the nearest railway station or the port to send these to faraway England.

3. Earning profits:

For earning profits through foreign trade railways were linked as with major ports and marketing centres.

4. Effective control on administration:

Improper administration and military centres were linked through railway lines for having effective control and administration over the vast Indian territory.

The main gold mine region in Karnataka is Kolar.

Jute mill were concentrated in Bengal.

Jute mills were mainly concentrated in Bengal they were dominated by foreigners.

Poverty, malnutrition and poor health facilities were the main causes for slow growth rate of population.

Jute mills situated in Bengal were dominated by foreigners.

India’s agricultural production received a set back due to the country’s partition at the time of independence, size able portion of the undivided country’s highly irrigated and fertile land went to Pakistan which impacted adversely upon agricultural production The whole of the jute producing area become part of East Pakistan (Now Bangladesh). India’s jute industry suffered heavily for lack for raw materials.

India achieved independence on 15th August 1947.

The intention was to reduce India to the status of a mere exporter of important raw material, for the upcoming modem industries in British and to turn India into a market for the finished product.

A size able portion of the undivided country’s highly irrigated and fertile land went to Pakistan.

In 1853; The first rail ran in India between Boribandar (presently, CST in Mumbai) and Thane on 16th of April, 1853.

According to historian Angus Maddison, India was extremely prosperous and had a share of 25% of the world wealth during the time of Maurya dynasty.

The value of all final goods and services produced in all the sectors in an economy within a year is called national income of the country.

(a) Agricultural

Self-reliance implies discouraging the imports of those goods that could be produced domestically. Achieving self-reliance is of prime importance for a developing country like, India as otherwise, it would increase the country's dependence on foreign products. Dependence on foreign goods and services can promote economic growth of India but this would not contribute to the development of domestic productive resources. Dependence on foreign goods and services provides impetus to foreign country's industries at the cost of domestic infant industries. Further, imports drain away the scarce foreign reserves that are of prime importance to any developing and underdeveloped economy. Therefore, achieving self-reliance is an important objective for developing countries in order to avoid themselves from being acquiescent to the developed nations.

The leaders of Independent India had to decide among other things on the type of economic system and among them, socialism appealed to Jawahar Lai Nehru the most. But he was not in favour of the kind of socialism practiced in the Soviet Union whose all the means of production in the country were aimed and controlled by the Government. There was no private property.

It was not possible in a democracy like India to change the ownership pattern of land and other properties. The thinkers of newly Independent India sought an alternative to extreme versions of capitalism and socialism. They had sympathy with the socialist outlook and chose a system, which combined the best features of socialism and capitalism.

India would be a ‘ Socialism Society with a strong public sector but also with private property and democracy’. The Government would plan for the economy with the private sector being encouraged to be part of the plan effort.

India would be a ‘ Socialism Society with a strong public sector but also with private property and democracy’. The Government would plan for the economy with the private sector being encouraged to be part of the plan effort.

Mixed economy provides opportunities to fulfill the objectives of our planning, rapid economic growth, and social justice. It is most suitable in all present day democratic setup in which mixed economy has all the sectors such as private sector, public sector, co-operative sector co-exist and work together.

Major achievements of economic planning are:

1. Economic planning helps in increasing the National Income of the country.

2. Economic planning helps in raising the per-capita income of the people in country.

3. Economic planning helps in better capital formation for the growth and development of a country.

4. Planning has made way for the institutional reforms in agriculture and Green Revolution.

5. The economic planning brought the changes in the economy by increasing the importance of industries.

6. Economic planning helps in development of sound economic infrastructure for the economy to work smoothly.

7. Even economic plannings also helps in development of social infrastructure like Providing better health, education, etc.,

8. Economic planning leads to high employment generation or opportunities for people in a country. 9. It helps in building a modem country.

10. Economic planning helps us in achieving self sufficiency and self reliance.

Under IPR 1956 the private sector was kept under state control through a system of licenses. No new industry was allowed unless a license was obtained from the Government. This policy was used to promote industry in backward regions. It was easier to obtain a license if the industrial unit was established in an economically backward area. 

In addition, such units were given certain concessions such as tax benefits and electricity at a lower tariff. The purpose of this policy was to promote regional equality. Even an existing industry had to obtain a license for expanding output or far diversifying production. This was meant to ensure that the quantity of goods produced was not more than what the economy required

Economic planning means utilising of capital’s resources in different development activities in accordance with national priorities.

Difference between planning objectives are plan objectives.